The activity data is centred on 3 indicators: industrial production, retail sales and fixed asset investment.

A beat for retail sales (a consumption indicator rising is good news for China)

  • service consumption grew at a faster pace than goods consumption

A beat also for IP.

The official data is point to more signs of a sustained recovery in China's economy.

National Bureau of Statistics (NBS) comments:

  • foundation of economic recovery is yet to be consolidated
  • expects China's price situation to improve, no deflation
  • will be twists and turns in the economic recovery
  • employment situation is generally stable
  • property market is still in adjustment, transformation
china October economic data 15 November 2023


  • Urban Unemployment (in 31 major cities) 5.0% vs prior 5.0%
  • Apparent oil demand +10.9% y/y


The first week of October marked the big public holiday for China, known as Golden Week.